Tuesday, December 10, 2019
Korea Southern Power to Build Renewable Energy Certificate Trade Service
A Blockchain-based Service
Korea Southern Power to Build Renewable Energy Certificate Trade Service
  • By Michael Herh
  • June 5, 2019, 10:30
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Shin Jung-sik (center), president of Korea Southern Power, Kim Chang-seop (left), chairman of Korea Energy Agency, and Cho Yong-tak, chairman of the Korea Power Exchange, pose for a photo after concluding a business agreement on June 4.

Korea Southern Power announced on June 4 that it has concluded a cooperation agreement with the Korea Power Exchange (KPX) and the Korea Energy Agency to build a renewable energy certificate (REC) trading service based on blockchain technology.

The agreement is aimed at building a collaboration system to launch the REC trading service, which is a pilot blockchain project pushed by Korea Southern Power under the supervision of the Ministry of Science and ICT.

Under the agreement, the three organizations will make concerted efforts to establish and verify an REC trading system based on blockchain, design and verify an efficient work process in line with the introduction of a new service, prepare action plans to launch a full-fledged REC trading service after the pilot project, and cope with changes to be brought about by the introduction of blockchain technology.

"The use of blockchain technology is expected to boost the transparency of REC trade and convenience for people," a Korea Southern Power official said. "The REC trading service is expected to contribute to creating jobs and demand for blockchain technology.”